A newly formed crypto-focused political action committee, The Fellowship PAC, has disclosed its first financial contribution ahead of the 2026 US congressional midterm elections. The PAC, which has been linked to Tether, spent $300,000 on advertising for Georgia Republican Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, who currently serves as the CEO of Tether's US arm and previously advised President Donald Trump.
The Fellowship PAC has been described as a crypto campaign-finance powerhouse, but it had not participated in the US midterm elections until its recent disclosure. The PAC's chairman, Jesse Spiro, is a Tether US executive, and its treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation. The PAC's first expenditure has raised questions about its funding and potential conflicts of interest, particularly given its ties to Tether and its executives. According to Michael Beckel, an expert at the political reform organization Issue One, there is no blanket prohibition on self-dealing in political committees like The Fellowship PAC, as long as services are provided at fair market value.
The PAC's activities are being closely watched, especially as the US midterm elections are already underway, and the crypto industry is likely to need support from lawmakers on both sides of the aisle.